本文關(guān)鍵詞： 公司治理 公司業(yè)績 面板數(shù)據(jù)　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：源于所有權(quán)和經(jīng)營權(quán)分離,理論界和實(shí)業(yè)界不斷關(guān)注公司治理問題。在發(fā)達(dá)國家,公司治理于1932年開始被理論界所研究,其在實(shí)業(yè)界的實(shí)踐也走過近百年歷程,因此發(fā)達(dá)國家中公司治理非常成熟,為國民經(jīng)濟(jì)的健康發(fā)展做出了巨大貢獻(xiàn)。在我國,現(xiàn)代公司制度確立不過三十年,公司治理制度建設(shè)十分落后,需要得到理論支持。本文將分析公司治理與ROE的關(guān)系,并提出一些政策建議。上市公司提供了最優(yōu)的數(shù)據(jù)可獲得性,有利于實(shí)證研究的準(zhǔn)確程度。同時為了排除業(yè)務(wù)性質(zhì)的不同而可能對結(jié)果產(chǎn)生的干擾,本文選取的樣本公司來自于房地產(chǎn)行業(yè)中專注于住宅開發(fā)的上市企業(yè)。通過篩選,本文實(shí)證研究的68家樣本公司提供了2006年～2012年共7年的面板數(shù)據(jù)。本文選取的因變量為樣本公司年度ROE。自變量來自股權(quán)結(jié)構(gòu)、債權(quán)結(jié)構(gòu)、高管激勵以及利益相關(guān)者這四個方面。股權(quán)結(jié)構(gòu)變量包括第一、第二至第十大股東持股比例,最終控制人性質(zhì),公司流通股比例。債權(quán)結(jié)構(gòu)變量包括長期資本負(fù)債率、利息保障率。高管激勵變量包括是否對高管進(jìn)行有ROE行權(quán)要求的股權(quán)激勵,高管持有公司股權(quán)比例。利益相關(guān)者變量包括所得稅占收入比例,應(yīng)付職工薪酬占收入比例,收入的對數(shù)�；貧w使用變截距固定效應(yīng)模型。這一模型來自于F檢驗(yàn)和Hausman檢驗(yàn)的結(jié)果。為了防范“偽回歸”,本文對數(shù)據(jù)進(jìn)行了單位根檢驗(yàn)。除此之外,本文還用T檢驗(yàn)對國有性質(zhì)是否對業(yè)績產(chǎn)生影響進(jìn)行了定性分析。本文的政策建議為： (1)鼓勵集中持股； (2)對大股東解禁條件更加嚴(yán)格,強(qiáng)調(diào)利益捆綁； (3)加快直融市場發(fā)展,發(fā)揮債權(quán)人監(jiān)督作用； (4)鼓勵高管持股和股權(quán)激勵；(5)保護(hù)勞動者權(quán)益,形成主人翁意識。
[Abstract]:From the separation of ownership and management, the theoretical and business circles pay more and more attention to the problem of corporate governance. In developed countries, corporate governance has been studied by the theorists since 1932, and its practice in the industry has also gone through a hundred years. Therefore, corporate governance in developed countries is very mature and has made a great contribution to the healthy development of the national economy. In our country, the modern corporate system has been established for only 30 years, and the construction of corporate governance system is very backward. This paper will analyze the relationship between corporate governance and ROE, and put forward some policy recommendations. In order to exclude the possible interference of the business nature, the sample companies selected in this paper come from the real estate industry focused on residential development of listed companies. The 68 sample companies in this paper provide panel data for 7 years from 2006 to 2012. The dependent variables selected in this paper are the sample companies' annual ROE. The independent variables come from equity structure, debt structure, and so on. The equity structure variables include the first, the second to the tenth shareholder's shareholding ratio, the final controlling person's nature, the company's circulating stock ratio, the debt structure variable including the long-term capital debt ratio, the equity structure variable includes the first, the second to the tenth shareholder's shareholding ratio, the final controlling person's nature, the company's circulating stock ratio. Interest protection rate. Executive incentive variables include whether the executive is required to exercise the ROE rights equity incentive, the executive holds the share of the company, and the stakeholder variables include income tax as a percentage of income, pay payable to employees as a proportion of income. Logarithm of income. Regression uses variable intercept fixed effect model. This model comes from the results of F test and Hausman test. In order to guard against "pseudo regression", the data are tested by unit root test. This paper also makes a qualitative analysis of whether state-owned nature has an impact on performance by using T test. The policy recommendations of this paper are as follows: 1) encouraging concentrated shareholding; 2) stricter lifting conditions for large shareholders, emphasizing interest bundling; and 3) speeding up the development of direct financing market. (4) encourage executives to hold shares and encourage equity incentives to protect workers' rights and interests and form a sense of ownership.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F271;F299.233.4

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本文編號：1500131